The Setting Every Community Up for Retirement Enhancement Act, aka the SECURE Act, was passed in 2019 to help Americans prepare for their retirements; however, in truth, what it does is accelerate income taxes on retirement accounts for many citizens. The ten-year rule marks the deadline for the disbursement of your retirement account following your death with a few exceptions regarding minor children, the disabled, and spouses. If your retirement accounts have been made payable to a trust (including a testamentary supplemental needs trust), it would be a good idea to have your estate plan reviewed. The days of yore when social security was guaranteed, and pensions were foolproof are long gone. Americans now need to develop a financial plan outside what the government provides so they can be in a comfortable position during their latter years and be ready for the foreseeable as well as unforeseeable.
The New Spending Bill’s Implications on your Retirement
This article is for informational purposes only and shall not be construed as legal advice. No attorney-client relationship between the reader and Brennan & Rogers, PLLC, or its attorneys is intended. This article should not be used as a substitute for legal advice. Laws may vary from state to state, and the educational materials found in this article may not apply in all jurisdictions.
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